82. Should software firms providing algorithms be required to register, and under what authority? What standards should apply to such firms?
83. Please identify the functionalities discussed in this Concept Release that could be applied to floor brokers that operate ATSs. Are there any other controls not mentioned in this Concept Release that should be under consideration?
84. Please supply any information or data that would help the Commission in deciding whether firms may or may not meet the definition of "floor trader" in
85. Do you believe that the registration of such firms as "floor traders" would effectuate the purposes of the CEA to deter and detect price manipulation or any other disruptions to market integrity?
86. Considering the broad deployment of automated trading systems across both equities and derivatives markets, the Commission seeks to understand the appropriate level of coordination between itself and the
87. Using the Flash Crash as an example, is it important to have identical definitions and remedies in the case of ATS and HFT registration requirements or do the existing market controls, such as circuit breakers, provide the necessary market protections in both the equities and derivatives markets? If the rules are not coordinated, what impact would this have on market interaction and oversight?
88. If trading venues apply mandatory functionalities to access derivatives markets, what benefit would a registration requirement provide to the Commission?
Market Quality Data
89. What market quality indicators are in place today? Please describe the metrics, how and where they are deployed, and how market participants access these indicators and at what cost.
90. What value would each of the market quality metrics described above [ See section III.F.2] provide to market participants receiving them? If possible, please be specific about how each market quality measure could be used to enhance reliability and risk management of ATSs.
91. Conversely, could any of the market quality metrics described above [ See section III.F.2] be used by market participants to manipulate the order book, to identify competitors' trading strategies, or to engage in other trading activities that do not contribute to effective risk management and efficient discovery the traded asset's economic value? If so, please provide specific information regarding how such information could be misused. If possible, please provide recommendations regarding steps the Commission could take to prevent misuse.
92. Are there additional market quality metrics that the Commission should contemplate requiring exchanges to provide? If so, what value would they provide and how would they be used?
93. If the Commission determines that measures should be calculated in the same way by various exchanges in order to provide comparable measures of market quality, then how, specifically, should each of the above mentioned metrics be calculated in order to ensure that they are most valuable to market participants?
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